ECON- SW ASIA -7th Gr.- Wright Question Preview (ID: 33500)
7th Gr Ss Econ Of Sw Asia- Wright.
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What economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
a) What to produce, why to produce, when to produce?
b) What is your opportunity cost, what economic resources are needed, why should these resources be used?
c) What to produce, how to produce, and for whom to produce?
d) What is your opportunity cost, why are economic resources needed, when should these resources be used?
What is ‘specialization’?
a) Trying to avoid investing in capital goods because it’s too expensive
b) Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally
c) Producing all goods that the country needs so that trade with other countries isn’t necess ary
d) Directly trading goods with another country without having to use money
Why is specialization so valuable to international trade today?
a) Specialization allows people to do a more efficient job at producing what they make best and trade for the things they need.
b) It limits the amount of agriculture a country allows.
c) It keeps the prices low on imported goods.
d) Most countries only make one product really well.
Saudi Arabia specializes in the production of:
a) olives and grapes
b) livestock
c) oil and natural gas
d) oil and olives
Why has Israel specialized in technology?
a) The country has little in the way of fishing.
b) It has a poorly educated population.
c) The money earned is used to support the military.
d) It has few natural resources and little farmland.
The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as:
a) traditional
b) command
c) market
d) mixed
In a traditional economy, how are economic decisions made?
a) Government leaders
b) Consumers
c) Customs and traditions
d) A mix of consumers and government leaders
Why was OPEC created?
a) To design new technology for getting oil out of the ground
b) To regulate the supply and price of oil
c) To keep non-members from producing any oil
d) To help Palestinian Arabs with problems with Israeli Jews
Where are most OPEC countries located?
a) Africa
b) North America
c) Southern Eastern Asia
d) Southwest Asia
What happens to the price of oil when OPEC countries decide to reduce production?
a) Oil prices stay the same
b) Oil becomes free to OPEC members
c) Oil prices decrease
d) Oil prices increase
What is the definition of Gross Domestic Product (GDP)?
a) The total value of all goods imported within a year
b) The total value of all the goods and services a country produces in a year
c) The total value of taxes collected in a year
d) The total value of all goods produced by entrepreneurs in a year
Which Southwest Asian country’s businesses are under the LEAST amount of government control?
a) Israel
b) Saudi Arabia
c) Iran
d) Syria
Tariffs and quotas are alike because they both ______________.
a) restrict or limit trade between countries.
b) completely stop trade between countries.
c) . increase trade between countries.
d) make trading a lot easier between countries.
In 1973, Southwest Asian countries stopped exporting oil to the United States in protest against the US’ support of Israel. What type of trade barrier is this?
a) mountain
b) tariff
c) quota
d) embargo
The relationship between the literacy rate and standard of living in Southwest Asia is _________.
a) Literacy rate has no effect on the standard of living.
b) The higher the literacy rate the higher the standard of living.
c) The standard of living is independent of literacy rate.
d) Low literacy rate creates a higher standard of living.
If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?
a) embargo
b) tariff
c) quota
d) opportunity cost
Which of the following would reflect Israel’s mixed economy?
a) Prices and wages are solely regulated by the country’s government.
b) A combination of privately-owned businesses and government regulations.
c) The country’s distribution of resources is based on inheritance.
d) Economic decisions are based on customs and beliefs of ancestors.
Syria has not built new factories or used new technology in many years. What is the country NOT investing in?
a) opportunity costs
b) natural resources
c) human capital
d) capital goods
One of Iran’s biggest problems with their state-run oil industry is:
a) Lack of a market for oil
b) No labor force
c) Few remaining oil deposits
d) Inefficiency and poor organization
A person who takes risks by starting a new business is known as a(n):
a) International trader
b) Economist
c) Entrepreneur
d) Dictator
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